YEREVAN, April 25. /ARKA/. The Armenian Development Bank (ADB) has announced a new type of loan called “mortgage business loan” designed for corporate and individual customers wishing to purchase real estate to boost their businesses, the bank’s press service told ARKA.

The loan provided at 12-17% annual interest rate is repayable in 10 years. The maximum amount of loan in foreign currency is an equivalent to 200 million drams. The minimum down payment is 30 percent while the maximum amount of the loan may reach up to 70 percent of the collateral. In the event of additional collateral no prepayment is required.

“Committed to its mission, the Armenian Development Bank continues improving and expanding its services in order to foster economic development of Armenia,” according to a bank’s press release.

The Armenian Development Bank was established in 1990. Prior to 1996 it operated as Bank of Reconstruction and Development. Its shareholders are Ruben Hayrapetyan – 19.98%, Ara Mekhakyan – 16.95% and Grigor Termenjian – 16.03%. ($1 – 392,84 drams). -0-